SACRAMENTO ® REALTORMaking Sacramento a Better Place to Call Home for Over 100 Years APRIL 2019 A PUBLICATION OF THE SACRAMENTO ASSOCIATION OF REALTORS® FAIR HOUSING MONTH 2 INSIDE THIS ISSUE MARCH 2019 4 President’s Perspective ADVERTISERS INDEX 6 Legal Update Thank you for your continous support! Mason McDuffie Mortgage page 3 Wells Fargo page 11 8 Government Watch Runyon Saltzman page 5 Personal Express Insurance page 13 CREIA page 7 16 SAR & Community Events 21 May Calendar 27 MLS Statistics 19 Why I Volunteer with SAR ARE YOU GETTING IT? We send out the SAR Weekly Docket every Wednesday evening - are you receiving it? If you would like to keep up to date with what’s happening at SAR, send a subscription request to [email protected]. STABILITY SINCE 1887 Change is constantly happening all around us every day. It’s nice to know that the lender you start your loan with today will be here to fund it at your closing...And be on time! David Heard Thomas Engwer Scott Short David Whiteside Ray Gin NMLS# 244146 NMLS# 240643 NMLS#225998 NMLS# 247866 NMLS# 246802 Branch Manager Branch Manager Loan Officer Loan Officer Loan Officer 530.902.3725 916.532.8263 916.997.4828 916.730.8282 916.207.6332 Jerry Hernandez Matt Miller Wally Borland NMLS# 545489 NMLS# 332535 NMLS# 219570 Hablo Espanol Loan Officer - Sacramento Loan Officer Loan Officer 916-548-9278 916.955.6267 916.549.2694 FHA, FHA 203K, VA, USDA 100% Financing, CalHFA, CONVENTIONAL and JUMBOS We have over 124 Years of combined lending experience 916.929.2333 2033 Howe Avenue, Suite 110 Sacramento, CA 95825 Licensed by the Department of Corporations under the California Residential Lending Act NMLS# 1141 4 PRESIDENT'S PERSPECTIVE 2019 PRESIDENT Fair Housing Month Home Loan Solutions as This April is the 51st anniversary of the 1968 landmark Fair Housing Act. The Fair Housing Act prohibits discrimination concerning the sale, rental, and financing of housing. Initially, the Fair Housing Act prohibited discrimination because of race, Unique as Your Home color, religion and national origin. Later, disability and familial status were added. Today only half of our states have protections for people that identify themselves as LGBTQ. Each year REALTORS® recognize the significance of this event and reconfirm Tri Counties Bank provides a wide array of Portfolio Loan Programs Provides more flexible loans for non- their commitment to upholding fair housing laws as well as their commitment to home loan options for you to choose from. offering equal professional service to all in their search for real property. standard situations with local underwriting Whether you’re a first-time homebuyer or an Fair housing is more than a list of do’s and don’ts, rights and penalties, and Conventional & Government Loans mandatory continuing education. As stewards of the right to own, use and transfer experienced investor, our local, knowledgeable Tri Counties Bank is highly competitive, DENIECE ROSS-FRANCOM DENIECE private property, fair housing protects our livelihood and business as REALTORS® offering both conventional and government and depends on a free, open market that embraces equal opportunity. Home Mortgage Loan Specialists offer loan programs personalized Service With Solutions® to It’s important we support and protect Fair Housing right. So, what can REALTORS® do? make the process simple. Lot & Land Loans For purchasing the land that you want for • Redouble your efforts to understand Fair Housing laws and how your actions, words and understanding of the issue impact housing choices. your dream home • When you see discrimination challenge it, report it. Home Equity Lines of Credit • Engage in community dialogue and debate about the issues tied to housing choices Use your home’s equity and get cash for like schools, healthy communities, gentrification and economic opportunity. just about anything Branches conveniently located As REALTORS® we don’t just sell homes, we sell communities. The reality is that Construction Loans everything we do ties into the overall economic vitality and viability of a given throughout Northern and Central Construction and Permanent loan all in one neighborhood. We as REALTORS® play an important part in home ownership, it’s California, including seven the cornerstone of our society. locations in the Sacramento area. Reverse Mortgages* COMMUNICATE To supplement retirement income for WITH By protecting the rights to housing, free from discrimination for ALL people, the Fair Housing Act preserves and advances opportunities for everyone. It’s time for borrowers 62 or older all REALTORS® to take ownership of Fair Housing rights, to challenge discrimination and to ensure the promise of the Fair Housing Act. COMMUNICATE WITH NMLS #458732 1-877-822-5626 | TriCountiesBank.com Member FDIC *This advertisement was not issued by HUD or FHA and was not approved by the Department or Government Agency. Home Loan Solutions as Unique as Your Home Tri Counties Bank provides a wide array of Portfolio Loan Programs Provides more flexible loans for non- home loan options for you to choose from. standard situations with local underwriting Whether you’re a first-time homebuyer or an Conventional & Government Loans experienced investor, our local, knowledgeable Tri Counties Bank is highly competitive, Home Mortgage Loan Specialists offer offering both conventional and government loan programs personalized Service With Solutions® to make the process simple. Lot & Land Loans For purchasing the land that you want for your dream home Home Equity Lines of Credit Use your home’s equity and get cash for just about anything Branches conveniently located Construction Loans throughout Northern and Central Construction and Permanent loan all in one California, including seven locations in the Sacramento area. Reverse Mortgages* To supplement retirement income for borrowers 62 or older NMLS #458732 1-877-822-5626 | TriCountiesBank.com Member FDIC *This advertisement was not issued by HUD or FHA and was not approved by the Department or Government Agency. 6 LEGAL UPDATE BPE LAW GROUP, P.C California Real Estate Inspection Association (CREIA) Fiduciary Duties Part 2 – Continued from Nov. 2018 Greater Sacramento Chapter For a Complete list of Greater Sacramento CREIA Inspectors In part one of our look at fiduciary duty in November 2018, we examined how the duty was broken down and examined the role that an agent holds in a transaction. and Affiliates please go to our new website at The agent acts in a fiduciary capacity for their client and a breach of that duty exposes www.sacchapter.com the agent up to law suits where they may have to pay damages. While a breach in fiduciary duty will give rise to a lawsuit, it may also be grounds for the DRE to pursue a KEITH B. DUNNAGAN disciplinary matter against the breaching agent or broker. See Part One here (page 8). In this segment, the responsibilities of an agent and how to avoid breaching their duty to their client is examined. ATTORNEY Fiduciary duty encompasses more than just an overall obligation to their client; real estate agents owe several duties, including the duty of loyalty, obedience, confidentiality, reasonable care and diligence, and record keeping. With loyalty, agents must always act with their client’s interests in mind. An agent must act in the best interests of their clients, even if that means not acting in the best interest of the agent. For example, buying a client’s property and then immediately re-selling the property for a profit does not act upon the client’s best interests; this kind of transaction is self-dealing and will open the agent up for a breach in their fiduciary duty. Agents must be obedient with regards to obeying all lawful instructions that conform to the purpose of the relationship. Obedience includes speed and efficiency in carrying out instructions from their clients, however it does not include obeying www.creia.org unlawful instructions, i.e., the seller who does not want to disclose the leaky roof. Agents may not go against the instructions from the clients because agents play a helping role in the transaction and are not the owners of the transaction. When choosing a CREIA Inspector from the list on our website, Confidentiality in the fiduciary setting means that any information that a client gives an agent must be kept confidential unless the agent is obligated to disclose. Any you can be assured that this inspector adheres to the personal information should never be disclosed unless the client has given permission. CREIA Standards of Practice and California’s Business and Professions Code 7195- 7199 when performing a home inspection. An agent must always act with reasonable care and diligence. This is not a standard Certified CREIA Inspectors must complete at least 30 hrs of Continuing Education that is set by each individual agent, but rather an industry standard related to how a each year, as well as pass the NHIE (National Home Inspector Exam), proctored at reasonable and prudent agent should act. Reasonable care and diligence require an agent to stay on top of their work load, communicate with their clients and take the an independant test center in order to become a Certified Member. steps necessary to provide the professional advice the client needs, including advice CREIA Inspectors cannot become certified over the internet! related to inspections, defects to examine that are known in the community (i.e., Kitec plumbing issues in homes built from the late 90s – the early 2000s) and directing the When choosing a Home Inspector, do your own due diligence. client to the proper professionals when issues arise outside of the agent’s expertise. Many inspectors claim they inspect to the CREIA Standards of Practice, but are not Another significant aspect of an agent’s fiduciary duty is record keeping.